THE NEVIN

Multifamily

Charlotte

NC

28269

Contacts

Vernon Allamby

Project Documents Download

THE NEVIN
Doc's

Address

3146 Baroda Ln #D, Charlotte, NC 28269

Date Added     

Apr 1, 2021

Property Details

Property Type

Multifamily

Square Foot

50,568

Year Built

1999

Stories

2

10%

Offer Cap Rate

Present Use

Unit Count

Minimum Invst

Proposed Offer

Estimated Closing

Multifamily

55

$25,000

$4,165,920

$343,819

Development Details

P Property Type

P Square Foot

Improvement 

Construction Type

Develp Term

condo convert

Not Changed

$1.1mill

Frame

3 Yrs

Proposed Use

P Unit Count

Total Cost 

Rental to Condo

55 units

$6,699,942

Market Detail 

Location Type 

Population

Area Median Inc

Growth Rate

Suburban

77,248

$65K

1.61%

Condo Comps

Units Sold 90 Days

Units On Market 

Unit Average Sale 

Unit Average Per SqFt. 

8

0

$197,333

$151

 Rental Comps

Available Rental Units

Zip Code

788

28269

Unit Average Rent 

Unit Average Sq Ft. 

$1052

919

Project Financials

P Mortgage Int

Term

Proposed LTV

Proposed Equity

Loan Type

4.5%

3 Yrs

60%

$1,033,312

Interest Only

U-Sale/Rent Comp Avg

U-Comps Per SqFt

Projected Net of Sales

Projected ROI

Projected IRR

$197,333

$151

$1,851,216

179%

38%

Project Plan and Notes

The AP Deal Room Presents:


55 Unit Multifamily for Conversion to Condominium with 179% ROI, 38% IRR Potential @ a proposed purchase cap of 10%.  In the last 90 days the subject community of the Charlotte NC MSA has experienced 8 Condominium home sales with an average per square foot value of $151 and an average resale value of $197,333. 

More than 70% the units sold within 30 days of hitting the market.  Low interest rates, limited single family home supply and growing population continue to fuel a significant demand for an alternative home ownership options. Condominium and Collective housing conversion of Rental Apartments meets this demand. It appears that at the present rate, there does not appear to be an immediate end in sight.  These facts are why we believe This Property is a unique offering for your investment consideration and the numbers speak for themselves.

For more information and supporting financials please review our proposed Offering Memorandum.